ADJUSTMENTS; PARTIAL EXPIRATION OF THE ORIGINAL OPTIONS Sample Clauses

ADJUSTMENTS; PARTIAL EXPIRATION OF THE ORIGINAL OPTIONS. If, on any ------------------------------------------------------- date on or prior to the last day of the 18th month of the Equipment Lease Term (the "Prepayment Expiration Date"), the Financed Amount under the Equipment Lease is reduced to $600,000 or less by one or more prepayments of principal outstanding under the Equipment Lease (the "Prepayment") or otherwise, then one hundred eighty-four thousand (184,400) of the Original Option Shares shall expire without further action on the date of Prepayment by the Company. All of, but not less than all of, the remaining five hundred fifty thousand (550,000) Original Option Shares will thereafter, from the Prepayment Expiration Date until the end of the Original Option Term, be exercisable at the election of the Optionee, at an exercise price of $1.09 per share under the terms and conditions of this Agreement. If the Company does not reduce the Financed Amount under the Equipment Lease to $600,000 or less on or prior to the Prepayment Expiration Date, the number and exercise price of the Original Option shall be unchanged from the terms of Section 1(c) until the end of the Original Option Term.
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Related to ADJUSTMENTS; PARTIAL EXPIRATION OF THE ORIGINAL OPTIONS

  • Termination of the Option The Option shall terminate and may no longer be exercised after the first to occur of (a) the close of business on the Option Expiration Date, (b) the close of business on the last date for exercising the Option following termination of the Participant’s Service as described in Section 7, or (c) a Change in Control to the extent provided in Section 8.

  • Expiration of Options Except as otherwise provided in Section 5 or 6 of the Management Stockholder's Agreement, the Options may not be exercised to any extent by the Optionee after the first to occur of the following events:

  • Optional Termination and Reduction of Aggregate Credit Amounts (i) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Maximum Credit Amounts; provided that (A) each reduction of the Aggregate Maximum Credit Amounts shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Maximum Credit Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c), the total Revolving Credit Exposures would exceed the total Commitments.

  • Termination of Multiple REMICs If the REMIC Administrator makes two or more separate REMIC elections, the applicable REMIC shall be terminated on the earlier of the Final Distribution Date and the date on which it is deemed to receive the last deemed distributions on the related Uncertificated REMIC Regular Interests and the last distribution due on the Certificates is made.

  • Expiration of Option The Option may not be exercised to any extent by anyone after the first to occur of the following events:

  • Exercisability of Option Unless otherwise provided in this Agreement or the Plan, this Option shall entitle the Participant to purchase, in whole at any time or in part from time to time, to the extent the Option is vested in accordance with the vesting schedule herein, the Shares subject to this Option, and each such right of purchase shall be cumulative and shall continue, unless sooner exercised or terminated as herein provided, during the remaining Option Period.

  • Termination of the Lease If for any reason the term of the Master Lease shall terminate prior to the Sublease Expiration Date, this Sublease shall automatically be terminated and Sublandlord shall not be liable to Subtenant by reason thereof unless said termination shall have been caused by the default of Sublandlord under the Master Lease, and said Sublandlord default was not as a result of a Subtenant default hereunder.

  • Procedure Upon Optional Termination (a) In case of any Optional Termination pursuant to Section 11.01, the Terminating Entity shall, at least twenty days prior to the date notice is to be mailed to the affected Certificateholders notify the Trustee and Trust Administrator of such Optional Termination Date and of the applicable purchase price of the Mortgage Loans to be purchased. The Trust Administrator shall give notice to the Rating Agencies of election to purchase the Mortgage Loans pursuant to Section 11.01 hereof and of the Optional Termination Date.

  • Exercisability of Options Options granted under the Plan shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall determine in its sole discretion. After an Option is granted, the Committee, in its sole discretion, may accelerate the exercisability of the Option.

  • Termination of Options The Options, which become exercisable as provided in paragraphs 3 and 4 above, shall terminate and be of no force or effect as follows:

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